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BitcoinJapan to raise up to ¥9.657 billion, allocates ¥662 million for BTC

BitcoinJapan to raise up to ¥9.657 billion, allocates ¥662 million for BTC

The Tokyo-listed company’s latest financing would fund its first Bitcoin treasury allocation while directing most proceeds to private equity, South African rare earth mining, robotics and working capital.

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Fact Check
The official Bitcoin Japan disclosure PDF (TSE:8105) directly confirms net proceeds of ¥9,657,031,769 (~¥9.657 billion) and an itemized use of proceeds including ¥662 million for Bitcoin, ¥3,756m for unlisted equity (private equity), ¥3,503m for a South African rare earth mine, and ¥1,446m for RaaS. CoinPost independently corroborates these figures and confirms this is the company's first BTC allocation since rebranding from Hotta Marusho, and Coincu reports the same ¥9.7bn/¥662m figures. All material elements of the claim are verified by the primary source and independent corroboration.
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Summary

Bitcoin Japan is pursuing a financing package that could raise about ¥9.657 billion in net proceeds, with ¥662 million, roughly $4.08 million or about 7% of the total, earmarked for its first funded Bitcoin treasury allocation. The Tokyo Stock Exchange-listed company plans to issue ¥1.5 billion in unsecured convertible bonds with stock acquisition rights alongside a second series of stock acquisition rights to Cayman Islands-based EVO FUND. Company filings cited by CoinPost show most of the planned proceeds would go to other investments, including ¥3.756 billion for undisclosed private equity deals, ¥3.503 billion for rare earth mining projects in South Africa, ¥1.446 billion for a Robot-as-a-Service business and ¥290 million for working capital. Bitcoin Japan, formerly Horita Marusho, changed its name in 2024 as it shifted from textile trading toward a strategy centered on Bitcoin and AI infrastructure, but it has not yet bought any Bitcoin. The allocation follows an earlier fundraising effort that had included plans to devote ¥988 million to Bitcoin but raised only about ¥3.095 billion against a target of as much as ¥5.715 billion, leaving no capital for purchases after weak share-price performance limited investor participation. Current filings say the newly allocated Bitcoin funds will be deployed selectively depending on market conditions, though the company has not disclosed a purchase timetable, target holdings or performance metrics. The financing could sharply expand the share count. CoinPost said full conversion of the convertible bonds and exercise of all stock acquisition rights at the minimum price would imply dilution of as much as 110%, or 115% on a voting-rights basis. Because the transaction qualifies as a large third-party allotment under Japanese rules, an independent committee of outside legal experts concluded the financing was necessary and reasonable. The company reported consolidated revenue of ¥2.959 billion and an operating loss of ¥462 million for the fiscal year ended March 2026, extending a run of operating losses to eight years.

Terms & Concepts
  • unsecured convertible bonds: Debt securities that can be exchanged for company shares and are not backed by specific collateral.
  • stock acquisition rights: Rights that let investors buy company shares later under preset terms, similar to warrants.
  • Bitcoin treasury: A corporate strategy of holding Bitcoin on the balance sheet as a reserve asset.